I hope that my competitors agree with your belief that blogs are dying. Mine took my web site from a PR3 to a PR5 in less than three months.
The url I purchased to point to the blog portion of the site is showing up three positions higher in Google for my best keyword string than the site itself.
As far as time involved, I spend less than an hour a week posting. I use Google Alerts to send me local information that I can comment upon in posts, as well as getting good post ideas from the local newspaper, etc. My clients read and comment.
Though the blogging universe may have peaked, successful real estate blogging hasn't even begun to run. I have
written several articles on the subject and how to blog successfully for real estate.